Financial institutions have been implementing new regulations through board-approved procedures for decades. As existing regulations are revised and new regulations are published existing procedures need to be updated. Procedure Updates are designed to simplify the task of updating existing procedures, regardless of where the existing requirement is lodged. Procedure Updates include operating procedures, controls and audit procedures. Each set of procedures are completely customizable. You may add the name of the financial instruction, the name of the person responsible for taking action, or make any other needed changes. The Regulation Z No-Periodic Statement Procedures Update contains an overview of the requirements, a regulatory citation, the effective date, and includes procedures for determining and documenting small servicer status as well as audit procedures for the Section 1026.41. The Regulation Z No-Periodic Statement Procedure Update is to be used by institutions qualifying for and utilizing the small servicer exemption from the periodic statement requirement under Section 1026.41.